History of Capitalism
Discussion Colloquium
Sponsored by the Institute for Humane Studies
133 pages
Reader Abstract: This is an overview of the history of capitalism and some of its competing interpretations. The reader opens with an introduction to capitalism, then goes into the traditional theory of its history. The traditional narrative is challenged with modern discussions on the relationship between capitalism and slavery. Finally, it ends with two classic capitalist works.
Session 1: What is Capitalism? (43 pages)
Butler Eamonn. “An Introduction to Capitalism”, London, Institute of Economic Affairs, 2018
● Chapter 2, “What Capitalism Is,” pages 5-15 ● Chapter 6, “What Makes Capitalism Work,” pages 48-59 ● Chapter 7, “The Moral Dimension of Capitalism,” pages 60-70 ● Chapter 9, “Great Thinkers on Capitalism,” pages 82-94
Session Abstract: Our first session defines capitalism and dives into the philosophical foundations behind it. Butler’s book also gives a brief overview of popular thinkers who have helped define the ideas behind capitalism.
Session 2: The Old History of Capitalism (24 pages)
Kocka, Jürgen. “Capitalism: A Short History.” 1-24. Princeton: Princeton University Press, 2016.
Session Abstract: Kocka’s work offers a comprehensive history of capitalism starting with its medieval origins. The book covers the competing interpretations of this history by Mark, Weber, and Schumpeter.
Session 3: The New History of Capitalism (47 pages)
Baptist, Edward. “Toward a Political Economy of Slave Labor: Hands, Whipping-Machines, and Modern Power,” in Slavery’s Capitalism: A New History of American Economic Development. 31-61 Sven Beckert and Seth Rockman, eds. Philadelphia: University of Pennsylvania Press. 2018. Alan L. Olmstead and Paul W. Rhode, “Cotton, Slavery, and the New History of Capitalism,” 1-17. Exploration in Economic History 67. 2018.
Session Abstract: This session deals with the “New History of Capitalism”. This new history attempts to draw a connection between the American slave system and the development of capitalism as an economic system.
Session 4: Capitalism In Practice (19 pages)
Reed, Leonard. “I, Pencil” Irvington-on-Hudson, New York: Foundation for Economic Education, Inc., 1999.
Hayek, Friedrich A. “The Use of Knowledge in Society.” 519–530. The American Economic Review 35, no. 4, 1945
Session Abstract: This reader is closed with two classic capitalist works. This session offers an opportunity to use the history learned in previous sessions to evaluate capitalists’ writings and their ideas.